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Home » Fido Secures $30 Million Series B Funding to Expand Digital Lending Across Africa

Fido Secures $30 Million Series B Funding to Expand Digital Lending Across Africa

Joan Aimuengheuwa by Joan Aimuengheuwa
September 4, 2024
in StartUPs
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Fido Secures $30 Million Series B Funding to Expand Digital Lending Across Africa
Source: Fido

Source: Fido

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Fido, a Ghanaian fintech company, has secured $30 million in Series B debt-equity funding as it prepares to expand its reach across East and Southern Africa. 

The funding round was led by global impact investment manager BlueOrchard and Dutch entrepreneurial development bank FMO, with $20 million injected as equity. 

This capital infusion will help in achieving Fido’s mission to empower individuals and entrepreneurs across Africa by providing swift and accessible financial services through its innovative digital platform.

Founded in 2015 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido initially focused on offering loans via mobile phones. Over time, the fintech has diversified its product offerings, incorporating savings, bill payments, and smartphone financing. 

These additions have bolstered Fido’s revenue streams and strengthened its ability to compete in the African digital lending space, where it stands alongside other major players like Branch and Tala. 

Unlike traditional banks that require collateral and lengthy paperwork, Fido leverages mobile technology and alternative data sources to provide instant micro-loans to individuals and small businesses, particularly those overlooked by conventional financial institutions.

CEO Alon Eitan highlighted the important role that small businesses play in driving economies in sub-Saharan Africa, yet they often lack access to essential financial tools. 

Fido’s platform addresses this gap by offering loans ranging from $20 to $500 to individuals, with higher amounts available to businesses based on their needs and credit scores. 

These loans, which come with embedded insurance, are repayable within six months at interest rates between 7% and 12%. Fido’s default rate remains below 4%, thanks to its strong credit scoring system.

Fido is making an impact which goes beyond providing credit, it also encourages smart financial habits through its Fido Score, helping users build a digital financial identity. The fintech has served over a million customers across Ghana and Uganda, distributing more than $500 million in loans. 

Fido aims to surpass $1 billion in total disbursements by early next year, further expanding its reach and deepening its impact on African entrepreneurs and individuals striving to improve their financial well-being.

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Tags: Alon EitanBlueOrchardDigital LendingFIDOFMONadav TopolskiNir ZepkowitzTomer Edry
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